Amendments to Securities Regulation Act

Amends the last paragraph of section 8.
The Securities and Exchange Commission (SEC) may issue an order of suspension for a security’s registration.
Upon suspension, SEC shall conduct a prompt hearing for interested parties.
After hearing, if SEC finds grounds under section 12 for revocation, it enters a final order prohibiting sale of the security, along with findings.
Suspension is confidential and not published unless violated after notice.
Appeals from the final SEC order may be brought to the Supreme Court as provided by law.
If SEC finds no fraud or basis for revocation, it revokes the suspension, restoring the security’s registration status retroactively.

Amends the last paragraph of section 12.
Before any final revocation order of securities registration or license to sell, the issuer or dealer has the right to a hearing.
Such final orders may be appealed to the Supreme Court following procedures in the Act.

Amends the first paragraph of section 35.
Persons aggrieved by SEC orders may petition the Supreme Court within 30 days to modify or set aside the order.
Petition must be served on the SEC, which files the record transcript in court.
The Supreme Court has exclusive jurisdiction to affirm, modify, enforce, or set aside SEC orders wholly or partially.
Objections not presented during SEC hearings are not considered by court if opportunity was provided.
The court may allow additional evidence if material and justified by reasonable grounds for prior non-adduction.
Additional evidence is taken before the SEC; SEC may modify findings and file recommendations based on new evidence.

Amends section 42.
All inconsistent laws or parts of laws, including Act No. 2581 (the "Blue Sky Law"), are repealed.